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Green tech lease in S.F. Bay Area

By Inman News, Thursday, May 1, 2008.

Photovoltaic technology company DayStar Technologies Inc. has signed a 10-year lease for more than 140,000 square feet at the Pacific Research Center in Newark, Calif.

In a prepared statement, DayStar CEO Stephan DeLuca said, "The Pacific Research Center is an ideal location with excellent facilities that meet our needs as we build our manufacturing capacity."

DayStar is engaged in the development, manufacturing and marketing of solar photovoltaic products utilizing its proprietary thin film deposition technology.  more...

Hines REIT buys Texas skyscraper

By Inman News, Thursday, May 1, 2008.

Hines REIT today announced it has acquired the 1.5 million-square-foot Williams Tower in Houston, Texas, for an undisclosed amount.

The 64-story tower, where Hines REIT maintains its corporate headquarters, is located at 2800 Post Oak Blvd. in the city's Uptown/Galleria area.

The acquisition also included an undivided interest in the adjacent 2.8-acre Waterwall Park and a 2.3-acre undeveloped land parcel across the street at 3009 Post Oak Blvd.  more...

Illumina expands in San Diego

By Inman News, Thursday, May 1, 2008.

Illumina Inc., a maker of tools and kits used in genetic research, has signed a 51,863-square-foot lease for space in San Diego.

The company paid an undisclosed amount for the lease, which is located in Canyon Ridge Technology Park, minutes away from its corporate headquarters.

Illumina is expected to move into the space located on the first floor of the building at 9440 Carroll Park Drive in July. The Irvine Co. owns the building.  more...

Report details ways homes are used to launder money Premium Content

By Inman News, Thursday, May 1, 2008.

About one in five suspicious activity reports banks file with federal regulators over concerns about a residential real estate transaction show signs of money laundering or tax evasion, according to a new Treasury Department report.

The report found evidence of money laundering or "structuring" -- transactions involving incomplete or falsified records -- in 20 percent of suspicious activity reports involving residential real estate transactions between 1996 and 2006.  more...

Rates rise on 30-year mortgages

By Inman News, Thursday, May 1, 2008.

Long-term mortgage rates ended the week mixed, with the 30-year fixed-rate average rising, as markets reacted to news of higher inflation.

The average rate on 30-year fixed-rate loans edged up to 6.06 percent from last week's 6.03 percent, while the average rate on 15-year fixed loans dipped from 5.62 percent to 5.59 percent. A year ago the 30-year averaged 6.16 percent and the 15-year averaged 5.87 percent.  more...

Home construction spending hits five-year low

By Inman News, Thursday, May 1, 2008.

Residential construction spending hit its lowest level in five years in March, the U.S. Census Bureau announced today.

The seasonally adjusted annual rate of residential construction spending dropped 19.7 percent compared to the same month last year, to $451.4 billion. This rate is a projection of a monthly spending total over a 12-month period, adjusted to account for typical seasonal fluctuations in construction activity.  more...

Blog values Zillow at $225 million

By Inman News, Thursday, May 1, 2008.

A tech blog estimates that online real estate valuation and marketing company Zillow is worth about $225 million, though the blog acknowledged that it lacked detailed financial information for the company.

This valuation, by the New York-based Silicon Alley Insider blog, is based on $87 million raised through three rounds of financing, the real estate market downturn, a "relatively flat growth rate," and "the challenge of compiling accurate estimates of house values."  more...

Mortgage bankers find fault with appraisal rules Premium Content

By Inman News, Thursday, May 1, 2008.

The Mortgage Bankers Association is calling on Fannie Mae and Freddie Mac to back out of agreements with New York Attorney General Andrew Cuomo that would create a code of conduct for home appraisals.

The agreements, also signed by federal regulators that oversee the government-sponsored enterprises, were intended to insulate appraisers from pressure to inflate home valuations.  more...

Real estate rates steady overnight

By Inman News, Thursday, May 1, 2008.

Long-term mortgage interest rates were mostly flat Wednesday, and the benchmark 10-year Treasury bond yield decreased to 3.73 percent.

The 30-year fixed-rate average stayed at 5.8 percent, and the 15-year fixed rate dipped slightly to 5.38 percent. Meanwhile, the 1-year adjustable rate rose to 5.94 percent.

The 30-year Treasury bond yield slipped to 4.47 percent.

Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.  more...

Redfin mingles MLS-listed homes with FSBOs, foreclosures

By Inman News, Thursday, May 1, 2008.

Seattle-based real estate brokerage company Redfin has integrated foreclosure properties and for-sale-by-owner properties with its map-based search, and the company identifies the various property types with different icon colors and in detailed descriptions.

While some multiple listing services prevent this so-called "co-mingling," or side-by-side display of multiple listing service data with other data sources in property searches, Redfin officials say they believe their added search capability is compliant with MLS rules.  more...